How To Reset Paper Trading Thinkorswim App

Alright, friend! So, you've been tearing it up (or maybe getting torn up 😅) in the Thinkorswim paper trading world and now you're thinking, "Time for a clean slate! A fresh start! No more baggage from those, uh, experimental trades!" I get it. We've all been there. Don't worry, resetting your paper trading account is easier than figuring out options chains (and that's saying something!). Let's dive in!

Why Reset Anyway?

Before we jump into the "how," let's quickly chat about the "why." Maybe you've blown through your pretend money. (Hey, it happens! That's what paper trading is for, right? To learn without the tears – or, you know, actual financial ruin.) Or maybe you've completely changed your strategy and want to see how it performs from the beginning with a full account balance. Or, and this is a big one, maybe you just want to pretend that disastrous covered call you did NEVER HAPPENED! (We won't judge 😉).

Whatever the reason, a reset is a great way to start fresh and fine-tune your trading skills.

The Great Reset: Step-by-Step (It's Easier Than You Think!)

Okay, here’s the magic. Follow these steps closely, and you'll be back to trading with a clean virtual account in no time.

First things first: you need to be on the desktop version of Thinkorswim. Yep, sadly, you can't easily reset on the mobile app (yet!). Thinkorswim is probably working on that in the future!

1. Log into your Thinkorswim Account. This one's a no-brainer, right? But hey, I had to say it! Make sure you're in the paperMoney environment. You should see "paperMoney" displayed at the top right corner of the platform. If you don't, you might accidentally be trading with real money which we do not want.
2. Navigate to the Account Tab. Look at the top left. Click the "Account" tab.
3. Find "Reset Account". Under "Account", look for the section called "Account Maintenance" and on the right-hand side of that section should be a button labeled "Reset Account". Now, you have to click that "Reset Account" button.
4. Confirm Your Decision. A pop-up window will appear, asking if you're absolutely, positively, 100% sure you want to reset. They're basically giving you one last chance to back out. This is your moment of truth! (Okay, maybe not truth, since it's pretend money, but you get the idea.) Click "Yes" to proceed.
5. Choose Starting Balance. After you reset your account, you will be prompted to input the amount you want your account to start off with. Feel free to put in whatever amount you want! Click "Continue" when you're ready!
6. Wait Patiently (Okay, Maybe Not That Patiently). The platform will take a few moments to reset your account. This might involve some digital magic and a few lines of code being executed. (Or, you know, just a database update.) Once it's done, you'll see your account balance back to its starting amount.

And that's it! You've officially reset your Thinkorswim paper trading account. Congrats! You’re ready to conquer the markets… virtually, of course!

Important Stuff to Keep in Mind

A few little tidbits to remember before you go off and start paper trading again:

• Reset is Forever (Almost). Once you reset, you can't undo it. All those past trades, wins, losses, and "learning experiences" are gone. Poof! So, make sure you really want to do it.
• No, You Can't Transfer Your Wins. Sadly, you can't convert your paper trading profits into real money. (Wouldn't that be nice, though?) The point of paper trading is to learn and refine your strategies without any real-world risk.
• Resetting Doesn't Fix Everything. Resetting your account won't suddenly make you a trading genius. You still have to put in the time and effort to learn the market. But hey, at least you have a clean slate to work with!

Go Forth and Conquer (Virtually)!

So there you have it! You're now equipped with the knowledge to reset your Thinkorswim paper trading account whenever you need a fresh start. Remember, paper trading is all about experimentation, learning from your mistakes, and developing a strategy that works for you. Don't be afraid to try new things, even if they don't always work out. It's better to make those mistakes with fake money than with real money!

Now go out there, trade with confidence (and a healthy dose of skepticism), and have fun! Who knows, maybe one day you'll be using these skills to make some serious profits in the real world! (But for now, let's stick to the pretend stuff, okay? 😉)

Happy trading, my friend! And remember, even if things get tough, just reset and start again. You got this!